Yonkers is Going to Raise the Real Estate Transfer Tax for 2017

Hey everyone  you need to be aware that Yonkers is going to raise the real estate transfer tax from 1.5% to 3%.  That means if you own a medium priced home you will need to pay an additional $7,500.  This tax is a part of Mike Spano’s fiscal budget.  For the 2017 fiscal year this transfer tax is going to be doubled to 3%. Look at the math.  If you sell your home in Yonkers for $350,000 you have to currently pay a 1.5% transfer tax of $5,250  within 7 days of closing.  In 2017 the transfer tax is going to be doubled to 3%.  You will have to then pay $10,500 with 7 days–Yikes.  You need to call Mayor Mike Spano’s office and stop this.  For more information please read Phil Reisman Journal News article.

Published by

Thomas Roberts -Realtor

As a licensed real estate sales professional and a Certified Buyer Representative CBR my top priority is to deliver unparalleled customer service delivering the highest quality care for all of his clients.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s